Question 1

What's the FHA loan limit in San Ramon?

Accepted Answer

$766,550 for single-family homes in Contra Costa County. That's the 2024 high-cost area limit and covers most condos and townhomes here.

Question 2

Can I use FHA for a San Ramon condo?

Accepted Answer

Only if the complex is FHA-approved. Many aren't, so verify certification before making an offer on any attached property.

Question 3

How much is FHA mortgage insurance in San Ramon?

Accepted Answer

1.75% upfront (often rolled into loan) plus 0.55%-0.85% annually depending on down payment. On $700K, expect roughly $400-500 monthly.

Question 4

Does FHA work for new construction in San Ramon?

Accepted Answer

Yes, but builders often prefer conventional or cash. FHA appraisals scrutinize unfinished landscaping and incomplete amenities that delay closings.

Question 5

What credit score do I need for FHA in San Ramon?

Accepted Answer

580 minimum for 3.5% down, but most approved buyers have 620+. Rates improve significantly above 640 with better lender options.

Question 6

Can I remove FHA mortgage insurance later?

Accepted Answer

Only by refinancing to conventional once you hit 20% equity. Loans after 2013 carry insurance for the full term otherwise.

FHA Loans in San Ramon: Low Down Payment Access to Contra Costa County